Second News Release:
April 20, 1999 10:05
Group V Files 1998 10KSB; Company Reports Strong Revenue Generation in Upcoming Quarters
SAN FRANCISCO--(BUSINESS WIRE)--April 20, 1999--Group V Corporation reported today the filing of the 1998 10KSB, with expectation for filing first and second quarter Q's within a few weeks.
The Company cited extraordinary circumstances for the delay in this filing and asserted its confident expectation that all future filings will be in accordance with SEC guidelines as had been the Company's history. According to Joseph Monterosso, Group V President and Chairman of the Board, "We foresee no issues that will precipitate any future delayed filings." There will be a synopsis of the Company's 10KSB on the Business Wire early next week. At present, the document is available on the World Wide Web on EDGAR Online.
"The 1998 10KSB reflects the Company's condition nine months ago, and does not in any way reflect the business of Group V today. We have just completed the third quarter, March 31, 1999 and expect to have those results released in approximately three weeks." Monterosso went on to say, "The Company has begun generating revenue in accordance with its revised business plan and reported pre-paid phone card transactions through its subsidiary Academy Network Services (ANS).
The Company's stockholders will be pleased with Academy's sales and revenue growth in the upcoming quarters. We also expect strong new revenue lines to be reported from the Internet commerce marketing of the HitLoTTo(R) Club Card. I believe that the availability of the virtual HitLoTTo(R) Club Card is a viable marketing option for the product, and if our projections prove to be accurate, revenue should be substantial." Monterosso continued, "In February the Company announced a joint venture agreement with CPNM/Internet Marketing Consortium to jointly promote and market the HitLoTTo(R) Club Card through an affiliation of 10 established e-commerce websites receiving a combined average of 170 million hits per month."
The company is now in the final stages of completing its own e-commerce web page, and expects that cross over sales and exposure from the multi-media marketing efforts of CPNM will translate into considerable sales for the HitLoTTo(R) Club Card.
Group V Corporation (the company is publicly traded under the symbol GRPV) is a diversified telecommunications company specializing in one-plus, toll-free long distance, pre-paid phone card products and lottery play.
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence upon third-party suppliers, intellectual property rights and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.
CONTACT: Group V Corporation
John Steward, 415/575-0222
grpv.com |
